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February 13th - Electric vehicle manufacturer Rivian warned that its losses this year may be higher than expected as it works to control costs during the critical period leading up to the launch of its next-generation SUV. In releasing its fourth-quarter earnings report, Rivian projected an adjusted EBITDA loss of $1.8 billion to $2.1 billion for 2026. While the final figure in this range represents an improvement over last years loss, it exceeded analysts previous expectations of a loss of approximately $1.8 billion. This forecast indicates that Rivians path to profitability remains bumpy, facing weak demand for electric vehicles, high raw material costs, and the loss of regulatory credit revenue following the Republican-led repeal of electric vehicle-friendly policies. Rivian also stated that its highly anticipated R2 mid-size electric SUV will go on sale as planned in the second quarter. This model is crucial for Rivian to achieve higher production volumes and improved profitability, as it will be launched at a lower price.Rivian (RIVN.O) reported fourth-quarter revenue of $1.286 billion, compared to market expectations of $1.263 billion.The Dow Jones Industrial Average closed down 669.42 points, or 1.34%, at 49,451.98 on Thursday, February 12; the S&P 500 closed down 108.71 points, or 1.57%, at 6,832.76; and the Nasdaq Composite closed down 469.32 points, or 2.03%, at 22,597.15.February 13th - US stocks closed with the Dow Jones Industrial Average down 1.34%, the S&P 500 down 1.57%, and the Nasdaq Composite down 2.03%. Apple (AAPL.O) plunged 5%, Nvidia (NVDA.O) fell 1.64%, and Amazon (AMZN.O) dropped 2.2%. SanDisk (SNDK.O) rose 5%.Sources say that Midad Energy, backed by Saudi Arabia, has signed a term sheet to acquire assets from sanctioned Lukoil, pending regulatory approval.

WTI stays in positive zone despite a dip in Asia

Jan 10, 2023 14:43

截屏2022-12-29 下午4.54.13_1024x576.png 

 

West Texas Intermediate, or WTI, is down during the Asian session, losing about 0.4% at the time of writing amid optimism that China's demand will increase after the government set new import limitations. However, overnight and at the start of the week, the news provided economic support for its faltering economy, while the US Dollar sank, allowing investors to enter the black gold rise at a lower cost.

 

China has reopened its borders to international visitors for the first time since March 2020, when it implemented travel restrictions. Elsewhere, China has continued to demolish a large portion of its draconian zero-COVID movement regulations. According to the BBC, incoming travelers will no longer be required to be quarantined, marking a dramatic change in the country's Covid policy as it fights an outbreak. They will continue to require documentation of a negative PCR test conducted within 48 hours after flight.

 

As a result, oil prices increased early on Monday in anticipation of an uptick in demand from China, as the nation set new import curbs and offered economic support to its faltering economy. Last observed, spot West Texas Intermediate crude was priced at $ 74.57 per barrel.

 

ANZ Bank analysts explained: "China announced a new batch of import limits, an indication that the world's largest importer is gearing up to meet increased demand."

 

"The relaxation of COVID-19 regulations has already increased travel. According to the Ministry of Transport, approximately 34.7 million domestic journeys were made on the first day of the Spring Festival travel rush. This is around 40% higher than comparable days in 2022. Approximately 2.1 billion trips are anticipated during the next 40 days. This comes amid tightened supply,'' the analysts added.

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